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HomeMy WebLinkAboutR94-044 third partial release for Blue Lake No. 4Commissione ,,,I moved adoption of the follows g Resolu ion: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - - ! VV BLUE LAKE P.U.D, FILING NO. 4 THIRD PARTIAL RELEASE OF COLLATERAL WHEREAS, on or about November 30, 1991, pursuant to C.R.S. 30- 28 -137, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") , entered into a Subdivision Improve- ments Agreement ( "Agreement ") with Vantex Enterprises, Inc., dba Blue Lake Development Company ( "Subdivider ") as a condition of final plat approval of Filing No. 4 I of the Blue Lake Planned Unit Development; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Letter of Credit No. 1197 issued by Pitkin County Bank & Trust Co., Aspen, Colorado, in the amount of $1,079,903.00; and WHEREAS, by Resolution No. 92 -112, the Board authorized the partial release of collateral in the amount of $407,739.00, thereby reducing the collateral to $672,164.00; and WHEREAS, by Resolution No. 92 -192, the Board authorized a second partial release of collateral in the amount of $483,991.00, thereby reducing the collateral to $188,173.00; and WHEREAS, the Engineering Department has recommended that the collateral be reduced to $10,000.00, representing the full release of $88,173.00 that was retained for a two year correction period for the public improvements; and reduce the $100,000.00 to $10,000,00 as collateral retained for the warranty period to expire on June 30, 1995 for landscaping. BASED UPON the oral and written recommendations of the Eagle County Department of Engineering, the Board finds that the improvements required by the Agreement have been completed, except for the landscaping, and a partial release of the collateral is appropriate; retaining $10,000.00 for a warranty period to expire on June 30, 1995. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the partial release of collateral in the amount of $178,173.00, thereby reducing the collateral to $10,000.00, representing collateral for warranty period to expire on June 30, 1995. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of April. 1994. Commiss foregoL follows: Commissioner Commissioner Commissioner COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS (7. i . et Phillips George George A. Gates James E. Johnson, Jr. This Resolution passed by O--0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Blulak6.red #84 -33 nl George A. Gates, Commissioner